SBI shares fall over 3% on weak Q3 earnings

SBI had reported a net profit of Rs 2,152.14 crore for the same quarter a year ago. Image source PTI

Orlando Vargas
|
15 February, 2018, 17:07

State-owned Bank of India reported a net loss of ₹2,341.23 crore in the three months ended December due to a rise in provision for bad loans and lower income from treasury operations.

Total provision more than doubled to ₹4,899 crore, from ₹2,302 crore in the year-earlier period.

On a sequential basis, however, the provisions stand reduced by 26.76 per cent and are down by about Rs 6.05 billion quarter on quarter.

During Q3FY18, BOI posted net loss of Rs 2,341.20 crore as against net profit of Rs 101.72 crore in the corresponding period of previous year and net profit of Rs 179.07 crore in the preceding quarter.

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Net interest margin (NIM) - a key measure of profitability - fell 33 bps y-o-y and 27 bps sequentially to 1.88 per cent in Q3. Gross and net NPAs were higher at 16.93 and 10.29 per cent, respectively. The bank was required to make provision of Rs 513.76 crore for the second list of defaulters, for which BOI says, "remaining provisions shall be made during quarter ending March 31, 2018". The bank's provisions for non-performing assets rose 95 per cent to Rs 964.07 crore as against Rs 494.52 crore.

RBI had found that the bank had under-reported gross NPAs of Rs 14,057 crore in FY17. Advances were up at Rs68,250 crore in third quarter this fiscal from Rs67,866 crore.

Punjab National Bank had a write-off of Rs 9,205 crore in 2016-17, followed by the Bank of India (Rs 7,346 crore), Canara Bank (Rs 5,545 crore) and the Bank of Baroda (Rs 4,348 crore).

The advance portfolio has expanded by about Rs384 crore mainly due to growth in MSME advance by 17.70% and growth in housing loan and vehicle loan segment by 23.63% and 31.31%, respectively.

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